BANKNIFTY Intraday Trade Setup For 12 Jul 2022

BANKNIFTY Intraday Trade Setup For 12 Jul 2022

Buy-Above 33550
Sl-33450
T-33650 33850

Sell-Below 35200
Sl-35300
T-35000 34800

BANKNIFTY has closed on a positive note with 1% gain. Our weekly target of 35650 is almost hit. We longed from 34150 on 6 Jul. Index opened with a slight gap down today and triggered our buy level and hit our 2nd target (35170-35540+). Now we can expect a pullback of the up move from the daily PRZ area- (35650-35700).

Coming to tomorrow's trade setup, if index opens flat and a 5 Min candle closes above 35550 we will long for a 100 points target as PRZ is placed near 35650-35700.

If it opens gap up near 35700 I will plan for a sell trade. One can sell by seeing any negative price action(LL) or can sell below the 1st 15 Min candle's low.

On a flat opening if 35200 is closed in 15 Min TF, We will sell for the target of 35000 and 34800.

In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.

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BANKNIFTY Intraday Trade Setup For 12 Jul 2022

Buy-Above 35550
Sl-35450
T-35650 35850